The flagship corner narrowly avoided going into the red for the ninth time in a row. Yet last week’s candle is rather bearish, a sort of inverted pinbar.
Bitcoin is gaining nearly 5% this Monday morning while European markets are closed. Meanwhile, pessimistic sentiment is still predominant according to UToday which clarifies that extreme fear continues to dominate the Fear and Greed index. On-chain data reveals that most short-term investors have now liquidated their positions.
The recent surge in the price of bitcoin could, however, turn out to be just a mishap. The uptrend of the funds remains intact.
According to Arthur Hayes, cryptocurrency expert and former CEO of BitMEX, if the Luna Foundation Guard (LFG) sold 80,000 Bitcoins (BTC) to protect the peg from the TerraUSD (USD) during its fall, the low of the current bitcoin market cycle would be between $25,000 and $27,000. And Bitcoin has already rebounded to $25,000 on May 12.
Popular investors maintain pessimistic forecasts!
Veteran trader Peter Brandt recently indicated that Bitcoin price could fall as low as $12,000 during this negative cycle, according to U.Today.
Read also Here is great news for Bitcoin, and more broadly for the Cryptocurrency world!
Jian Zhuoer, founder and CEO of the mining company BTC.TOPoffered insight on Twitter, predicting that the current cryptocurrency bear market would end “before the end of the year.”
This period would coincide with the passage of theETH to PoS. This bodes well for the busiest network in the industry.